Spain's Tecnicas Reunidas posts 7.4 pct fall in Q1 profit

MADRID Wed May 14, 2014 2:41am EDT

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MADRID May 14 (Reuters) - Spanish industrial contractor Tecnicas Reunidas on Wednesday said its first-quarter net profit had fallen 7.4 percent from a year ago to 32 million euros ($44 million), as its portfolio of projects shrank slightly.

The company, which makes around 80 percent of revenues outside Spain, said its existing contracts and pipeline of deals was 6.23 billion euros in the period, down 5.7 percent from the first quarter of 2013.

But Tecnicas Reunidas, which was awarded a contract worth $1.7 billion in Saudi Arabia earlier this month, said the portfolio at present was 7.5 billion euros.

Earnings were slightly below the 33.7 million euros profit forecast on average by six analysts in a Reuters poll.

($1 = 0.7296 Euros) (Reporting by Sarah White, Editing by Mark Potter)

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